New Jersey Resources (NYSE:NJR) Price Target Raised to $54.00 at Wells Fargo & Company

New Jersey Resources (NYSE:NJR) had its price target lifted by research analysts at Wells Fargo & Company from $51.00 to $54.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 4.63% from the stock’s current price.

Several other analysts have also commented on the stock. Guggenheim raised their price objective on shares of New Jersey Resources from $46.00 to $49.00 and gave the stock a “neutral” rating in a report on Wednesday. Mizuho raised their target price on New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. upped their price target on New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Finally, StockNews.com lowered New Jersey Resources from a “hold” rating to a “sell” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $49.75.

New Jersey Resources Stock Up 1.8 %

Shares of NYSE NJR opened at $51.61 on Wednesday. The firm has a fifty day simple moving average of $47.20 and a two-hundred day simple moving average of $45.47. The firm has a market capitalization of $5.12 billion, a PE ratio of 17.67 and a beta of 0.59. The company has a current ratio of 0.60, a quick ratio of 0.41 and a debt-to-equity ratio of 1.30. New Jersey Resources has a 12 month low of $39.44 and a 12 month high of $51.94.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its holdings in shares of New Jersey Resources by 5.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,956,772 shares of the utilities provider’s stock valued at $126,372,000 after acquiring an additional 154,441 shares in the last quarter. Geode Capital Management LLC grew its position in New Jersey Resources by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,366,381 shares of the utilities provider’s stock valued at $111,714,000 after purchasing an additional 34,782 shares during the last quarter. Bank of New York Mellon Corp increased its stake in New Jersey Resources by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,245 shares of the utilities provider’s stock valued at $54,889,000 after purchasing an additional 40,094 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in New Jersey Resources by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,227,815 shares of the utilities provider’s stock valued at $57,953,000 after purchasing an additional 33,772 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in New Jersey Resources by 39.9% in the second quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider’s stock worth $26,430,000 after buying an additional 176,396 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

New Jersey Resources Company Profile

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.